The Economic and Financial Crimes Commission (EFCC) has uncovered a sophisticated money laundering network involving politically exposed persons and unsuspecting young Nigerians, following the arrest of a 22-year-old suspect found with over ₦5 billion in his bank account.
EFCC Chairman Ola Olukoyede made the shocking revelation during a televised interview with TVC, where he warned Nigerians to stop dismissing internet fraudsters as mere “Yahoo boys.”
According to Olukoyede, the suspect—who has never held a legitimate job—was used as a financial front by corrupt politicians.
“As a matter of fact, we arrested a 22-year-old boy with over ₦5 billion in his account.
“This is someone who has no source of livelihood.
” It’s not just about scamming foreigners anymore—this is high-level money laundering involving stolen government funds,” Olukoyede stated.
He described how politicians now exploit tech-savvy youths to mask illicit financial flows, often housing them in luxury hotels, opening bank accounts in their names, and converting looted funds into dollars for transfer abroad.
“They use them to steal government money,” Olukoyede said.
In a chilling twist, the EFCC boss also linked cybercrime to ritual killings, revealing that disturbing evidence—including a black pot containing human hair—was discovered during a raid on a suspect’s residence.
“We found it under his bed. Forensics confirmed it was human hair,” he disclosed.
Olukoyede stressed that these operatives are not lone actors but parts of a broader criminal ecosystem backed by powerful figures.
“If we found ₦5 billion in a minister’s account, there would be public outrage.
“So why not when it’s a 22-year-old with no known job?” he queried.
The suspect is currently in detention, and investigations are ongoing.
The EFCC is calling on the public to be more vigilant and to understand that cybercrime in Nigeria has evolved into a national crisis with far-reaching implications for governance and security.
